With the weakening of the Yen, Tokyo falls from the top of the most expensive city in the world and the tarnished crown now belongs to Singapore who takes over as the least economical city to live in. The latest report was researched by the Economist Worldwide cost of living index. This is a survey ranks 160 global cites and compares inflation, currency, housing and transportation. Singapore’s cost of living increases are said to come mainly from heavy reliance on other countries for energy, oil and water.
Singapore is known for its limited amount of living space the country has to offer its occupants. There are almost no free standing houses and most people live in an apartments or condominiums. With the limited amount of space to park or store vehicles, and increase cost in oil supplies, owning a car in Singapore is said to take a absorbent bite out of your monthly budget compared to any other country or city in the world.
Residents living in Singapore will argue that the information is not well represented and that living in Singapore is quite affordable due to the fact that they are paying the lowest amount of income tax between 3.5% and 7% for salaries under 80K a year compared to any major city worldwide. While lower tax rates keep most people satisfied in believing they are taking home a larger amount of their pay, don’t expect your wallet to grow fat in this town. Some of the most expensive places to live have also shifted as inflation, employment and currency have had a major impact over the past three to five years. If you want to beat the high cost of living take a look at our list below and plan accordingly. Here are the runners up for least affordable locations to live in worldwide.